Dean Foods has become the largest manufacturer of soymilk in the US following the acquisition of White Wave, the producer of the Silk brand of soymilk.
Dean Foods bought the remaining 64 per cent of White Wave which it did not already own for approximately $189 million (€206m), bringing Dean's total investment in the company to around $204 million.
Silk is said to be the leading refrigerated soymilk in the US with sales of $125 million in the year to March 2002.
"We are extremely excited about this transaction," said Gregg Engles, chairman and chief executive officer of Dean Foods. "We believe that soymilk is one of the most promising branded growth opportunities in the food and beverage industry today. With its proven record of success in the soymilk category, we believe White Wave is well positioned to take advantage of the explosive growth potential that this category holds. Dean Foods is committed to investing and innovating in the functional beverage arena, and this transaction is another step toward delivering on that commitment."
"We are more committed than ever to our original mission of creatively leading the full integration of soy foods into the American diet," said Steve Demos, founder and president of White Wave. "By joining forces with Dean Foods, we will have more resources available to innovate, extend our brand and expand our distribution. Additionally, we believe that our principles rooted in sustainable, environmentally sensible practices have the opportunity to succeed on an even larger scale. We are anxious to move on to the next phase of our growth cycle."
The acquisition of White Wave also puts an end to an ongoing lawsuit between the two companies which had focused on Dean's option to acquire the remaining 64 per cent of White Wave.
White Wave produces more than 40 soy products including Silk Soymilk, Silk Cultured Soy yoghurt and White Wave Tofu and Tempeh.